HomeMy Public PortalAbout01042 O R D I N A N C E NO. 1042
AN ORDINANCE, establishing a special account in the
construction fund, transferring Fifty Thousand Dollars
($50,000.00) from the unappropriated surplus of the General Fund
to the Construction Fund as a loan to the Mississippi River
Subdistrict, appropriating the same sum to be used for the
Mississippi River Subdistrict, and providing for the accounting
and repayment of such loan.
WHEREAS, the pollution control program of the
Mississippi River Subdistrict will begin before the Subdistrict
receives funds from the sale of its bonds and current expenditures
are required as an incident to the construction of its pollution
control facilities, and
WHEREAS, the District is able to advance funds as a
loan for such purpose,
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES
OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section One. A special account in the Construction
Fund styled "Mississippi River Subdistrict" is established and it
shall be used for segregating advancements or loans from the
General Fund to the Mississippi River Subdistrict.
Section Two. The sum of Fifty Thousand Dollars
($50,000.00) is transferred from the unappropriated surplus of the
General Fund to the Construction Fund as an advancement or loan to
the Mississippi River Subdistrict.
Section Three. The same sum of Fifty Thousand Dollars
($50,000.00) is appropriated from the Construction Fund to be
used for necessary expenditures incident to the construction of
the facilities of the Mississippi River Subdistrict. Such
appropriation shall be encumbered and charged through the account
established by Section One.
Section Four. The advancement or loan hereby made
shall be repaid to the General Fund by the Mississippi River
Subdistrict on its receipt of the proceeds of its first sale of
bonds. The officers of the District are authorized and directed
to make such transfer of funds in repayment at the appropriate
time.
Section Five. This ordinance, being an appropriation
ordinance, shall take effect immediately upon its enactment. The foregoing Ordinance was adopted October 4, 1963.
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